WHOLE LIFE INSURANCE WITH LONG-TERM CARE RIDERS (Section 208.690)

This act specifies that a whole life insurance policy with long-term care riders shall qualify for the Missouri qualified long-term care partnership approval policy if such policy meets the qualifications set forth in the National Association of Insurance Commissioners' Long-term Care Insurance Model Act and Regulation, and the provisions of Section 6021 of the Federal Deficit Reduction Act of 2005.

This provision is identical to HB 829 (2017), and to a provision in HCS/SCS/SB 334 (2017).

FESTIVAL LIABILITY INSURANCE (Section 316.160)

This act specifies that fair boards of directors in certain political subdivisions shall not be required to have liability insurance in place when applying for a license to operate, maintain, or conduct a festival.

This provision is identical to a provision in HCS/SCS/SB 334 (2017), and similar to HB 863 (2017).

INSURANCE COMPANY INTEREST RATES (Section 374.191)

This act provides that if an insurance company is required to pay interest on any claims, refunds, or payments pursuant to a market conduct examination, an investigation, a stipulation of settlement agreement, a voluntary forfeiture agreement, or any other remedial action ordered by the Department of Insurance, such funds shall bear interest at the annual adjusted prime interest rate, not to exceed 9 percent.

The provisions of this act do not apply to statutes already providing an interest rate or to duties arising under the claims reimbursement statute.

This provision is identical to provisions in SS/SCS/HCS/HB 292 (2017), HCS/SCS/SB 334 (2017), HCS/HB 345 (2017), and similar to SB 336 (2017).

SHORT-TERM MAJOR MEDICAL INSURANCE POLICIES (Sections 376.008, 376.385, 376.429, 376.446, 376.779, 376.781, 376.811, 376.845, 376.1192, 376.1199, 376.1200, 376.1215, 376.1218, 376.1219, 376.1220, 376.1224, 376.1225, 376.1230, 376.1232, 376.1235, 376.1237, 376.1250, 376.1253, 376.1275, 376.1400, 376.1550, and 376.1900)

This act provides that all short-term major medical policies sold in this state shall include a clear and conspicuous statement that "this policy does not satisfy the individual mandate of the Affordable Care Act and you may be subject to the individual shared responsibility payment fee".

This act exempts such policies from certain mandates of coverages and offers of coverage in chapter 376, and specifies that the policies may have a term of less than 1 year instead of the current maximum of 6 months.

These provisions are substantially similar to HB 708 (2017).

SUICIDE EXCLUSIONS IN LIFE INSURANCE (Section 376.620)

This act provides that life insurance providers may include suicide exclusion clauses in riders, endorsements and amendments to exclude death benefits for suicides occurring within the one year period following the issuance of such rider, endorsement, or amendment.

This provision is identical to a provision in HCS/SCS/SB 334 (2017), identical to HB 336 (2017) and to a provision in HB 341 (2017), and substantially similar to SB 275 (2017).

INCONTESTABILITY OF LIFE INSURANCE AND ANNUITIES (Section 376.625)

This act provides that reinstatement of life insurance or annuity contracts shall be contestable on account of fraud or misrepresentation only for the same period after reinstatement as provided for following original issuance. The reinstated policy or contract may exclude coverage to the extent it could have been excluded on original issuance.

This provision is identical to a provision in HB 341 (2017) and HCS/SCS/SB 334 (2017).

LONG-TERM CARE INSURANCE FILINGS (Section 376.1110)

This act requires insurance companies to file premium rates and classifications of risk for long-term disability insurance with the Department of Insurance, Financial Institutions, and Professional Registration. Rates shall not be excessive, inadequate, or unfairly discriminatory; nor shall they increase by more than 20% annually unless the insurer documents a material change in the risk characteristics of its policies or certificates.

This provision is identical to HCS/HB 611 (2017), and to a provision in HCS/SCS/SB 334 (2017), and is similar to HB 2268 (2016), HB 954 (2015), and a provision in HCS/SB 148 (2015).

FIRE INSURANCE POLICY FORMS (Section 379.160)

This act permits the Director of the Department of Insurance, Financial Institutions, and Professional Registration to approve fire insurance forms other than the standard fire insurance policy which are at least as favorable to the insured as the standard fire insurance policy. Any such form approved by the Director shall be deemed to be at least as favorable to the insured. This provision applies to all fire insurance policy forms currently submitted for approval, approved in the future, or previously approved by the Director.

This provision is identical to HCS/HB 958 (2017), and to a provision in HCS/SCS/SB 334 (2017).

COMMERCIAL INSURANCE MARKETS (Section 379.321)

This act exempts certain lines and endorsements of commercial insurance from requirements to file rates, rate plans, modifications, and manuals with the Department of Insurance, Financial Institutions, and Professional Registration, and specifies that filings for other commercial lines and endorsements shall be filed for informational purposes within 10 days of their use.

This act specifies that the commercial policies' forms are exempt from filing requirements if the commercial policyholder's annual commercial premiums total at least $100,000 and the policyholder employs a full time risk manager or has retained a licensed insurance producer to negotiate on its behalf.

Policies exempt from these filing requirements shall include a notice that the policy may include rates or forms exempt from filing with the Department of Insurance, Financial Institutions, and Professional Registrations.

Insurers renewing policies exempt from form filing requirements shall give notice at least 10 days prior to the policy's expiration date if, after renewal, there will be a material change in coverage not specifically requested by the insured, required by law, or based on change to the risk insured.

These exemptions apply to policies issued or renewed on or after January 1, 2018.

This provision is similar to SB 386 (2017), and substantially similar to a provision in HCS/SCS/SB 334 (2017) and to a provision in SCS/HCS/HB 741 (2017).

ERIC VANDER WEERD